Financed my 2019 S60 T5 at the end of the lease 18 months ago. It now looks to be upside down by about $6500. It’s got a cracked windshield a dented fender. 46k miles new brakes and tires. Today tried to get an end of year deal on a 2024 and found a 2023 s60 T8 plus dark AWD loaner with 3k miles. MSRP is 58,940 with a $16,500 discount including the $7500 tax rebate, Costco, loyalty etc. Money factor is .00089. With $4000 down the payment is $567; however if I roll in the negative equity into the payment it’s $694 with $4000 down. I am not sure what to do? Thoughts?
Keep driving 2019 to the ground. Any lease with MD sales tax plus negative equity will be awful, but a new 2024 would be better than 2023 loaner.
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Most insurance companies cover fixing a cracked windshield with no money out of pocket on your end. Companies like Safelite can handle all the paperwork for you.
Have you gotten quotes from body shops to get it fixed?
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Not yet. I am thinking i move forward with the new car and work on getting the 2019 fixed and sell it myself in a month or two.
You’ll miss out on the sales tax credit from trading in. That’s the key advantage of Maryland over Virginia for leasing. S60 T8 is the only S60 worth leasing IMHO. Not too much more than a B5 and you get way more for your money.
At least the three Montgomery County Volvo dealers all chase volume so you won’t have to go far to get a deal.
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Private used car market for Volvos is not great and this is from recent experience. Trade in for tax savings is probably best bet.
With the difference in cost only being $125 a month, that is the equivalent of only about $4.5K of negative equity over the life of the lease… The low money factor may be a cheap way to refinance the negative equity. Keep working on them to increase the discount, up the trade in value and reduce the MF.
As suggested earlier, the windshield might be a very cheap deductible. Just did this for my MIL and it was $50 deductible.
Dented fender might be repaired or made “good enough” through PDR (paintless dent repair). That might be like $250 or less if it’s just that one panel. Look up PDR in your area.
Trading in a car with damage easily fixed with insurance seems like a good way to turn a $300 problem into a $3000 problem.
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Just fix your 2019.
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